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And finally... Tough times but no excuse for these miserly dividends

THE battle between the corporate aristocracy and growing hordes of restless investors will intensify in the months ahead. The negative outlook for corporate profitability seems to have done nothing to dampen boardroom excesses. Having filled their boots with fat salaries, bonuses and share options during the boom years, they seem genetically incapable of matching their take-home pay to the performance of their share price.

Small investors have waited a long time for the big institutions to show their teeth but while it is pleasing to see overpaid directors get their comeuppance, it would be just as pleasant to see the big players in the fund industry direct their fire at the miserable dividends being offered by some of the country’s biggest companies.

For 18 months or so, the pundits have been advising investors to build a dividend-heavy portfolio as one of the better means of playing the otherwise unattractive equity